On July 21, 2005, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Eastman Kodak Co. to 'BB' from 'BB+', and placed the ratings on CreditWatch with negative implications. The Rochester, N.Y.-based imaging company had $3.7 billion in debt as of June 30, 2005. The rating actions are based on significant concerns about Kodak's current liquidity, and about its profit and cash flow prospects as traditional consumer imaging sales continue to fall faster than expected. Kodak's current liquidity is, in Standard&Poor's view, inadequate given its limited committed back up credit facilities, moderate cash balances of $553 million at June 30, 2005, uncertain cash flow prospects, and near-term debt maturities. Kodak's $1 billion,
